Mortgagee sales in September remained on a par with August but continued a trend of falling forced sales, data shows.Terralink International figures showed 187 forced sales nationwide during September -- comparable with the 188 in August but well down on
Mortgagee sales in September remained on a par with August but continued a trend of falling forced sales, data shows.
Terralink International figures showed 187 forced sales nationwide during September -- comparable with the 188 in August but well down on the 217 in July. Mortgagee sales peaked at 264 in May.
Terralink managing director Mike Donald said forced sales were still nearly five times higher than the pre-recession period but that there was now a clear downward trend for the first time since 2008.
"The latest figures show a slight drop on the month before, but it is the overall trend which is most significant," Mr Donald said.
"Over the last quarter we have seen an ongoing downward trend that signals, at an overall level, that the pain is easing for property owners."
The biggest drops in mortgagee sales in September were Manawatu (down 43 percent), Wellington (50 percent), and Canterbury (65 percent). However, they increased in Otago (up 22 percent), Auckland (12 percent) and Waikato (9 percent).
"Mum and dad" homeowners accounted for 24 percent of mortgagee sales in September, Mr Donald said.
"While the effects of the recession seem to be easing, our data shows that it's increasingly ordinary Kiwi property owners losing their home. Sadly, this trend is likely to continue for as long as there is a sluggish economy."
